New Zealand Unemployment Rate

New Zealand's unemployment rate rose to 5.1% in the December quarter of 2024, up from 4.8% in the previous period, matching market expectations and marking the highest level since September 2020. The seasonally adjusted number of unemployed individuals increased by 7,000 to 156,000. Despite this, the country's labour force participation rate edged lower to 71% from 71.1%. Meanwhile, the underutilisation rate rose slightly to 12.1%, compared with 11.6 percent last quarter, indicating a modest increase in the proportion of people either unemployed or underemployed.